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Maria: How are you feeling?
Winthrop Smith Jr: Angry. I'm feeling a lot of anger. Toward Stan O'Neal.
Maria: When do you think things went wrong?
Winthrop Smith Jr: Day One.
Related: Merrill Lynch Can't Stop, Won't Stop Dissing Stan O'Neal
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Posted by guest , Sep 15, 2008 4:27PM
The guys who are really getting screwed are the BofA analysts... The Merrill Analysts are clearly superior so all the BofA analysts will get fired and get replaced by the Merrill kids... and they thought they were off the hook...
Posted by guest , Sep 15, 2008 4:31PM
@1 agreed. BofA analysts weren't subject to anything wrong but they'll have to compete with Lehman analysts on the unemployment lines.
Posted by guest , Sep 15, 2008 4:47PM
Street is effectively closed to employment for a while, people are going to need to find new work.
They usually don't ask about financial modeling skills when interviewing waiters and bartenders.
I feel bad for the MBA-types just graduating now. Eyes turn to SLM private loan portfolio...
Posted by Anal_yst , Sep 15, 2008 5:00PM
@ 3
Just wait till the rest of the ABS world starts to seriously go to hell...check out credit card issuance, some of the biggest trust issuances are up like 50%+ this year, you think they're gona be able to maintain credit quality before those balances get paid off? ish no think so...
I'd imagine we're going to see a big jump in the number of forebearances on student loans as well, like you've pointed out, just a matter of time (i.e. q1/q2 '09 when this starts to really show up)
Posted by guest , Sep 15, 2008 5:28PM
Waaaaaah!!! My pussy hurts! This never would have happened if my daddy was still running the place and those douches took his name off the door!
Posted by guest , Sep 15, 2008 5:40PM
@3 - agreed. Wall Street is closed to new employment and laid off bankers for the foreseeable future. Even mid-market and boutiques have stopped hiring.
Posted by guest , Sep 15, 2008 6:36PM
I watched the Winthrop Smith interview. His grandfather was the 'Smith' in Merrill Lynch, Pierce, Fenner & Smith. Remember that?
@#5...STFU.
Months ago, I bitched about the utter fucktardness of one Stanley "Affirmative Action" O'Neal, and you clowns just called me a "f'n racist bigot". Although that is in fact true, it does not alter the fact that Stanley is just a dumb f'n negroe who got in way over his head and brought his firm to ruin. Smith said Stanley's major damage began in 2006 when Stanley changed the MER culture.
What I'd like to see is Ken Lewis going after Stan's dumb ass to recoup some of that money Stan walked away with.
BTW, @#1 & @#2...I wouldn't count on The MER "kids" displacing all the BAC analysts. After all, aren't analysts a dime a dozen? Also, aren't they most always wrong?
Your two jobs still secure, are they? Genius types like you two should be having no problems.
The Guy from Delaware
Posted by guest , Sep 15, 2008 6:42PM
Waaaaahhhh!!!! My pussy hurts!!!!
The Guy From Delaware
Posted by guest , Sep 15, 2008 6:45PM
Pussy@#8...
Hahaha. Funny. Another imposter TGFD wannabee.
The Guy from Delaware
Posted by guest , Sep 15, 2008 7:27PM
Hahaha...the Merrill ANALYSTS are better? Who give a shit about analysts? Agree with #7. The Bofa MDs should all be worried, but swapping analysts would just be paper pushing...unless the Merrill analysts are willing to undercut the current Bofa ones in terms of pay...which would actually make this interesting